INSUBCONTINENT EXCLUSIVE:
Biometric payment card startup Zwipe has swiped $14M to add to an earlier Series B roundas it continues to work towards commercializing
technology that embeds a fingerprint reader in payment plastic for an added layer of security.
&We are not commercially rolled out yet, we
expect that to happen in the second half of this year, starting first in Europe and potentially in the Middle East,& a spokesman told us,
saying the financing will be used to scale up the company toprepare for a commercial rollout of a biometric payment card solution in the
second half of 2019.
He said it also eyeing additional form factors such as wearables down the line,penciling in 2020 for expanding into
other devices and verticals.
Although it has yet to push its tech past the pilot stage with payment cards.
&Our technology is currently
deployed in pilot programs in Italy, with Intesa Sanpaolo Bank and with 10 different banks across the Middle East,& the spokesman told us
&We have active partnerships globally
In APAC, specifically China and the Philippines, we expect to launch further trials in the near term
In Europe we have piloted with the Bank of Cyprus and expect to launch several more trials in Europe in the first half of 2019.&
Back in
2014, working with MasterCard, it showed off a credit card with an embedded fingerprint reader, seemingly taking a leaf out of Apple
approach with Touch ID.
The new funding was raised via an offering of 6M new shares, from around 2,300 investors, ahead of a planned listing
of the company on Merkur Market, Oslo Børs
Zwipe says the share offer was substantially over-subscribed, and it expects trading to commence on or around January 28
The pre-money valuation of the companyis stated as NOK 189 million ($22M).
Commenting on the raise in a statement, CEO Andre Løvestam said:
&Zwipe is at the forefront of a global shift towards more secure and convenient contactless payments and the market is primed for growth
We are confident that our industry leading technology and partnerships will secure a strong market position both in the short and long-term
Thanks to the new funding received, we can intensify our efforts to support our customers and partners in ‘making convenience secure&.&
